The REsource team interviewed key executives from the real estate market about their perspectives for 2024. Read the full interview with Hilton Rejman, Executive Vice President of Brookfield Properties.

REsource: What are the company's expectations for the commercial real estate sector in 2024?

Hilton Rejman: The outlook for 2024 is very positive. We saw that in 2023, the office segment recovered from the pandemic-related closures. We observed a weekly average population of 88% in our corporate towers compared to the pre-pandemic period. Specifically, between Monday and Thursday, this population rises to 100% to 110%, meaning more people than available space. Our expectation is that in 2024, companies' return to in-person work will definitively consolidate.

RE: Are there any innovation initiatives planned for the coming year at Brookfield? 

HR: We believe in the certification process of our developments as a quality, excellence, and innovation differentiator. This year, for example, six properties in our portfolio in São Paulo received the LEED Carbon Zero certification from the US Green Building Council (USGBC). It was the first time that high-end corporate buildings obtained the seal in Brazil. Additionally, we had the O Parque and Passeio Paulista developments with two stars of the Fitwel certification. LEED Silver awarded by the US Green Building Council (USGBC) for the Centro de Distribuição Barueri and, more recently, LEED Gold for the Orvalho Tower (O Parque) development located in the region of Av. Roque Petroni Junior.

We also notice a change in the profile of the search for offices. Now, companies are looking for more modern, high-standard spaces and developments that offer additional services to employees, such as restaurants, cafes, child-care, pet-care, gyms, contemplation, and decompression areas, among others. As we have a portfolio that is quite differentiated and meets these expectations, we remain optimistic about the coming year.

RE: What will be the main challenges/changes in the commercial real estate market?

We continue with our plan to offer quality spaces, well-located, and with a wide range of amenities. In Parque da Cidade, in the region of Av. Chucri Zaidan, for example, we manage within the multiuse development a residential tower, four commercial towers, restaurants, and kiosks, but the complex still has a linear park, a shopping center, two residential towers, a tower of commercial offices, and a wide range of services such as child-care, pet-care, service alley, and an agenda of events and exhibitions that bring the occupation of common spaces in the complex to tenants. In addition, the region has infrastructure for services and public transportation. We believe in this "placemaking" model and have been able to differentiate our portfolio with this perspective.